New Community Funded Whisky from the Faroe Islands – Scotch Whisky News

New Community Funded Whisky from the Faroe Islands

A new whisky is on its way to the market. Probably the first in the world to be community funded using crypto currency. And the location is not what you would expect.

Despite it’s close proximity to Scotland, the small archipelago of the Faroe Islands in the North Atlantic does not yet have a whisky brand on the market. This is about to change. Test production and maturation of “Faer Isles Whisky” has been conducted for some time now, and on August 1. it will be launched as a crowdfunding project, where whisky enthusiast all over the world will have the opportunity to invest in the project.

The beautiful and remote Faroe Islands are the optimal location for whisky production and maturation because of the abundance of clean surface water. This is due to the high humidity and rainfall caused by the passing Gulf Stream, which also ensures the very stable year-round temperature. The constant wind provides a salty atmosphere that has been used for centuries to dry and ferment food and will now benefit Faroese whisky as well.

Behind the project are a group of local whisky enthusiasts and investors. To ensure the necessary industry knowledge an Advisory Board of International experts within spirit production has been established.

People participating in the first phase of the crowdfunding, starting August 1., will become lifetime members of the Fair Isles Founder’s Club, making them eligible for several club member benefits, including the option to later buy shares in the Faer Isles Distillery. They will also receive a reward package containing a sample of the First Edition 3-year-old whisky, along with samples of the Faer Isles Seaweed Special Edition Gin and a small bottle of the newmake whisky, including oak cubes for home maturation.

The obtained first-phase crowdfunding will be used for starting up commercial production, although still in a small scale. The second phase of the crowdfunding that will be launched later this year will be used to fund the full-scale commercial production at the picturesque site in the old Viking village of Kvívík.

This second phase will be funded through a Security Token Offering. An STO is similar to an IPO as it enables people to invest in a company. The difference is that the shares are not traded on a traditional stock exchange but instead traded directly from the licensed issuer using a value token based on crypto currency. This method of funding is becoming more and more common, but Fair Isles Distillery will probably be the first whisky distillery in the world that is funded this way.

Read more on www.faer.io

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